Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Patterson-UTI Energy Inc shares valued at $768,445 were sold by Drummond Robert Wayne Jr on Mar 01 ’24. At $11.76 per share, Drummond Robert Wayne Jr sold 65,344 shares. The insider’s holdings dropped to 2,407,895 shares worth approximately $28.46 million following the completion of this transaction.
Also, Drummond Robert Wayne Jr sold 187,916 shares, netting a total of over 2,204,255 in proceeds. Following the sale of shares at $11.73 each, the insider now holds 2,473,239 shares.
Before that, CEPAK TIFFANY THOM had sold 15,000 shares from its account. In a trade valued at $176,700, the Director traded Patterson-UTI Energy Inc shares for $11.78 each. Upon closing the transaction, the insider’s holdings decreased to 15,000 shares, worth approximately $1.27 million.
As published in a research note from The Benchmark Company on January 16, 2024, Patterson-UTI Energy Inc [PTEN] has been rated down from a Buy to a Hold. Analysts at Goldman started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid December. As of October 17, 2023, Morgan Stanley has decreased its “an Overweight” rating to a “an Equal-weight” for PTEN. Earlier on October 16, 2023, BofA Securities upgraded its rating. Their new recommendation was “a Buy” for PTEN stock which previously was a “a Neutral”.
Analyzing PTEN Stock Performance
During the last five days, there has been a drop of approximately -2.72%. Over the course of the year, Patterson-UTI Energy Inc shares have jumped approximately 9.44%. Shares of the company reached a 52-week high of $12.65 on 04/08/24 and a 52-week low of $9.73 on 01/17/24. A 50-day SMA is recorded $11.53, while a 200-day SMA reached $12.61. Nevertheless, trading volume fell to 3.46 million shares from 3.78 million shares the previous day.
Support And Resistance Levels for Patterson-UTI Energy Inc (PTEN)
According to the 24-hour chart, there is a support level at 11.69, which, if violated, would cause prices to drop to 11.57. In the upper region, resistance lies at 12.05. The next price resistance is at 12.28. RSI (Relative Strength Index) is 49.40 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.01, which suggests the price will decrease in the coming days. Percent R is at 79.81%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Patterson-UTI Energy Inc subject to short interest?
Stocks of Patterson-UTI Energy Inc saw a sharp rise in short interest on Mar 28, 2024 jumping by 4.29 million shares to 26.44 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 22.15 million shares. A jump of 16.23% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.12 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.12.
